Total Bitcoin value passes $1 billion

The combined value of all Bitcoins in circulation surpassed $1 billion this Thursday, as the exchange rate for each individual unit of the encrypted digital currency rose above $92. The milestone comes as the total number of Bitcoins nears 11 million and represents a huge jump from the record value of $32 recorded just one month ago. At the time of writing, the currency's market capitalization has dipped back below the billion mark , but small ups and downs are not uncommon — the current rate listed on Mt. Gox, the most popular Bitcoin exchange, is still well above $90.